Press release
Hydrogen Storage Market Size to Worth Around USD 6.8 Bn by 2031 |
Hydrogen Storage Market
The global hydrogen storage market is estimated to be valued at USD 1.6 Bn in 2024 and is expected to reach USD 6.8 Bn by 2031, growing at a compound annual growth rate (CAGR) of 23% from 2024 to 2031.
Market Dynamics:
The hydrogen storage market is expected to witness significant growth over the forecast period owing to two major drivers- increasing demand for clean energy alternatives and stringent emission norms. With climate change concerns mounting, many countries are promoting the use of hydrogen as a clean fuel and have developed hydrogen roadmaps to scale up infrastructure for production and distribution of hydrogen. Also, stringent emission regulations aimed at reducing carbon footprint are encouraging industries and automakers to adopt fuel cell technology powered by hydrogen. Further, the declining costs of electrolyzers and fuel cells are making hydrogen competitive and boosting the case for its widespread adoption across various end-use industries.
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Hydrogen Storage Market Drivers: Growing Demand for Fuel Cell Vehicles is Boosting the Need for Hydrogen Storage Solutions
The growing demand for fuel cell vehicles as a zero-emission alternative is significantly driving the need for efficient hydrogen storage solutions. The increasing focus on establishing hydrogen refueling infrastructure to support fuel cell vehicles is expected to boost the adoption of storage tanks and materials across regions. Moreover, favorable government policies and investments to promote the uptake of fuel cell mobility solutions will further augment the market growth over the coming years. It is estimated that more than 200,000 fuel cell vehicles will be on the road by 2030. This rapid expansion of the fuel cell vehicle fleet will propel the demand for enhanced hydrogen storage technologies having high gravimetric and volumetric densities.
Hydrogen Storage Market Opportunity: Rising Emphasis on Developing Renewable Hydrogen Economy Presents Lucrative Prospects
The growing global focus on establishing a vibrant renewable hydrogen economy presents significant opportunities for storage solution providers. Favorable policies and wide-scale production of green hydrogen using water electrolysis with renewable power sources will drive the need for large-scale energy storage and distribution. This creates scope for innovative aboveground and geological storage technologies that can efficiently deliver hydrogen on-demand. Moreover, interest in establishing dedicated hydrogen pipelines and refueling hubs to transport and dispense renewable hydrogen will boost related storage infrastructure investments. Leveraging fuel cell applications beyond mobility, such as in material handling, backup power, and aviation, also opens new avenues. Collaborating with end-use sectors and creating customized storage solutions can help address specific application requirements and realize gains.
Hydrogen Storage Market Trend: Miniaturization of Storage Systems is Emerging as a Key Trend
The past few years have witnessed a pronounced research emphasis on downsizing hydrogen storage systems with the objective of facilitating onboard applications with space constraints. This establishes miniaturization as a defining trend, with considerable potential to accelerate commercialization prospects. Developing micro-scale storage media using nanotechnology allows incorporating higher surface areas and advancing filling ratios within compact designs. Similarly, fabricating micro-storage tanks enables integrating multiple canisters to achieve requisite densities while minimizing footprints. The use of miniaturized thermal management aids and monitoring units also fosters system optimization. Startups and material companies striving to achieve storage targets through nano-engineering and micro-manufacturing innovations will play a vital role in future technology advancements aligned with the prominent miniaturization trend.
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Top Companies Featured in This Report:
★ Air Liquide
★ Air Products and Chemicals Inc.
★ Hexagon Purus
★ Worthington Industries Inc.
★ Linde plc
★ Luxfer Holdings PLC
★ Chart Industries
★ INOXCVA
★ HBank Technologies Inc.
★ Pragma Industries
Market Segmentation:
By Product Type:
★ By Form: Physical Storage , Material-based Storage
★ By Type: Cylinder , Merchant/Bulk , Onsite , On-Board
By Applications:
★ By Application: Oil Refineries , Chemicals , Industrial , Automotive & Transportation , Others (Metalworking, etc.)
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Hydrogen Storage Market Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Hydrogen Storage Market market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Hydrogen Storage Market market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Hydrogen Storage Market market.
Segment Analysis: Examining the market value and sales volume of Hydrogen Storage Market by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Hydrogen Storage Market market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Hydrogen Storage Market sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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